Pittsburgh-based industrial distributor WESCO International Inc. (WESCO)'s wholly owned subsidiary WESCO Distribution Inc. (WESCO Distribution) is proposing to issue $350 million of senior unsecured notes due 2024. The company plans to use the proceeds to initially repay bank debt facility balances and ultimately to redeem its $345 million convertible senior debentures due 2029. We are assigning our 'BB-' issue-level and '5' recovery rating to the company's proposed senior unsecured notes. We are also affirming all our ratings, including our 'BB' corporate credit ratings on WESCO and WESCO Distribution. The recovery ratings on the existing debt remain unchanged. The stable outlook reflects our expectation that the company will generate good free cash flow levels to maintain its leverage below 4x and
